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Binance Transfers 100 Million XRP to Mysterious Blockchain Whale, Buyer Revealed
Yuri Molchan
The anonymous whale made two large XRP withdrawals from the Binance exchange
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Blockchain investigator Whale Alert has spotted two large transactions made by leading cryptocurrency exchange Binance. Each transfer carried just over 50 million XRP: The Seven Major Digital Currenciesaccording to the CoinMarketCap scale.
These transactions occurred as the XRP price attempted to break out.
Massive purchase of XRP on Binance?
The consecutive transactions, carrying 50,307,376 and 50,307,383 XRP and worth $26,000,000 in fiat each, took place within an hour of each other. It might look like crypto whales buying XRP on the dip as the coin is trying to break above the $0.52590 level on the chart.
On May 30, XRP printed a large red candle on the hourly chart, which sent the coin price down by 2.17%. Since then, the seventh largest cryptocurrency has been trying to recover the lost price level.
Mysterious XRP buyer revealed
However, data shared by Bithomp’s XRP Explorer shows that both blockchain addresses to which these tens of millions of XRP were transferred are associated with Binance itself. Therefore, this is likely a reallocation of resources carried out by the cryptocurrency trading giant.
On May 30, Whale Alert reported the detection of an even larger transaction. That day, a a whopping 262,575,885 XRP they were removed from the Kraken exchange, one of the largest in the United States. This incredible amount of cryptocurrency was moved from Kraken to an anonymous blockchain wallet. Cryptocurrency withdrawals from exchanges happen for a variety of reasons. Sometimes, the exchanges themselves reorganize their cryptocurrency holdings and move assets to new wallets.
The most likely reason, however, appears to be a purchase, after which the whale, whose identity remains unknown, shoveled XRP tokens worth $137,276,075 into their cold storage for long-term storage.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many aspects of it. He has written for several crypto media. His articles have been cited by cryptocurrency influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.